BIBA celebrates reduced FSA levies for intermediaries

by Gill Montia

Story link: BIBA celebrates reduced FSA levies for intermediaries

The British Insurance Brokers’ Association (BIBA) is celebrating a successful campaign over the levies payable to the Financial Services Authority (FSA) by insurance intermediaries.

The regulator has today published a policy statement setting out its final decision on the level of regulatory fees and levies for the 2009/2010 financial year.

The document reveals that a significant amount of contingency funding has been moved to the Deposit Takers’ block, leading to reductions in the originally proposed fees for BIBA members.

The association’s chief executive, Eric Galbraith, comments: “BIBA felt very strongly that the original fee proposals were, in respect of insurance intermediaries, unfair. We responded in strong terms to the FSA and actively encouraged our members to do likewise.”

He adds: “We are pleased that the FSA have reconsidered both their funding requirements and the allocation of these costs and that the voice of BIBA and its members has been listened to in the process.”